Vident Investment Advisory LLC Acquires 1,028 Shares of Owens Corning (OC)
Vident Investment Advisory LLC raised its holdings in Owens Corning (NYSE:OC) by 2.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,334 shares of the construction company’s stock after purchasing an additional 1,028 shares during the period. Vident Investment Advisory LLC’s holdings in Owens Corning were worth $2,366,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. boosted its holdings in Owens Corning by 2.5% in the 2nd quarter. BlackRock Inc. now owns 7,547,845 shares of the construction company’s stock valued at $478,305,000 after purchasing an additional 181,922 shares during the period. Boston Partners lifted its holdings in shares of Owens Corning by 3,089.6% during the 2nd quarter. Boston Partners now owns 5,655,318 shares of the construction company’s stock worth $358,378,000 after acquiring an additional 5,478,011 shares during the period. Iridian Asset Management LLC CT lifted its holdings in shares of Owens Corning by 44.2% during the 2nd quarter. Iridian Asset Management LLC CT now owns 4,220,826 shares of the construction company’s stock worth $267,474,000 after acquiring an additional 1,293,828 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Owens Corning by 47.8% during the 2nd quarter. Victory Capital Management Inc. now owns 2,931,929 shares of the construction company’s stock worth $185,795,000 after acquiring an additional 947,917 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in shares of Owens Corning by 22.9% during the 2nd quarter. Wells Fargo & Company MN now owns 2,033,976 shares of the construction company’s stock worth $128,892,000 after acquiring an additional 378,414 shares during the period.
OC stock opened at $59.79 on Friday. The company has a market cap of $6.72 billion, a P/E ratio of 13.59, a P/E/G ratio of 0.70 and a beta of 0.97. Owens Corning has a 1 year low of $55.39 and a 1 year high of $96.52. The company has a quick ratio of 0.88, a current ratio of 1.59 and a debt-to-equity ratio of 0.87.
In related news, Director W Howard Morris sold 1,514 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total transaction of $88,523.58. Following the completion of the transaction, the director now directly owns 36,332 shares in the company, valued at approximately $2,124,332.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.
A number of brokerages have recently weighed in on OC. Wells Fargo & Co reaffirmed a “hold” rating on shares of Owens Corning in a report on Thursday, July 26th. Bank of America downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating and cut their price target for the stock from $90.00 to $75.00 in a report on Thursday, July 26th. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday, July 2nd. Credit Suisse Group cut their price target on shares of Owens Corning from $84.00 to $72.00 and set an “outperform” rating for the company in a report on Thursday, July 26th. Finally, Northcoast Research reaffirmed a “buy” rating and set a $81.00 price target on shares of Owens Corning in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $80.11.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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